Which of the following is included as capital market instruments?

Capital market instruments are financial securities that are used to raise long-term funds, typically with maturities greater than one year. Corporate bonds fit into this category as they are long-term debt securities issued by companies to finance capital expenditures, operational improvements, or other long-term liabilities. When investors buy corporate bonds, they are essentially lending money to the issuing company, which agrees to pay interest over a specified period and return the principal at maturity.

In contrast, instruments like commercial paper and money market funds are associated with the money markets, which deal with short-term borrowing and lending. Commercial paper is a short-term unsecured promissory note, typically with maturities of less than one year, while money market funds invest in short-term debt instruments and provide liquidity rather than funding long-term projects. Currency futures are contracts to buy or sell currencies at a future date and are typically used for hedging or speculative purposes, further distinguishing them from capital market instruments.

Thus, corporate bonds are included as capital market instruments due to their long-term nature and role in financing significant corporate needs.